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SK hynix Inc. — Q3 2026 Earnings Presentation
SK hynix Inc. (SKHY) · 20 slides · Filed Oct 28, 2026
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Slide 1 — FY2026
2026.10.28 | Investor Relations FY2026 Earnings
Slide 2 — This material has been prepared by the Company for informational purposes only, and the information contained herein has not undergone
This material has been prepared by the Company for informational purposes only, and the information contained herein has not undergone any separate, independent verification process. No representations or warranties are made regarding the fairness, accuracy, or completeness of the information contained in this material, and such information should not be relied upon. Neither the Company nor its employees bear any civil, criminal, or administrative liability for any damages arising from this material or from its use. Review of the FY2026 Q3 financial results has not been finalized. Figures in this earnings release are subject to changes during the independent auditing process. All financial information contained in this document is based on consolidated K-IFRS. This material contains forward-looking statements, which involve risks and uncertainties. These statements are generally identified words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” and similar expressions, or the negative of such expressions. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. SK hynix undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. This material does not constitute a solicitation for the acquisition or purchase of securities and no part of this material should serve as the basis for any contract, agreement, or investment decision, nor should it be relied upon in connection therewith.
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Slide 4 — KRW 104.62T
B/G Approx. 10%↑QoQ ASP High-20%↑QoQ B/G Slight Decrease QoQ ASP Mid-20%↑QoQ FY2026 Q3 Revenue KRW 104.62T +32% QoQ / +328% YoY FY2026 Q2 Revenue KRW 79.32T 4 Revenue Analysis * Solidigm results are consolidated
Slide 5 — Profit Analysis – Operating Profit
Rise in ASP and increased sales of high-value add products, despite decline in exchange rates OP Margin 80%, record high quarterly OPM EBITDA Margin 84% Operating Profit KRW 83.33T (QoQ +38% / YoY +632%) EBITDA KRW 87.68T (QoQ +36% / YoY +486%) EBITDA Revenue Gross Profit Operating Profit 5 Profit Analysis – Operating Profit From ’25 Q2 to ‘26 Q3 (Unit : KRW Billion) * D&A : Depreciation and Amortization Expense ※ All figures in this presentation are rounded to KRW Billions, leading to some statements not adding up completely 104,615 89,653 83,334 87,675 COGS 14,963 SG&A 6,319 D&A* 4,341
Slide 6 — Profit Analysis – Net Profit
Net profit margin 38% Non-operating Loss KRW 32.63T Net Profit KRW 39.78T Operating Profit Pre-tax Profit Net Profit Foreign exchange-related loss of KRW 11.63T due to fall in exchange rates Investment asset related loss of KRW 22.92T 6 Profit Analysis – Net Profit (Unit : KRW Billion) ※ All figures in this presentation are rounded to KRW Billions, leading to some statements not adding up completely Tax Expense Net Non- operating Loss 83,334 32,625 50,708 10,933 39,776
Slide 7 — Financial Position
Debt-to-Equity Ratio Net Debt-to-Equity Ratio Cash* Debt** ’26 Q3 KRW 114.46T KRW 15.80T ’25 Q3 KRW 27.85T KRW 24.08T ’26 Q2 KRW 87.96T KRW 18.59T 7 Financial Position * Cash = Cash & Cash Equivalents + Short-term Financial Instruments ** Debt = Short-term Borrowings + Current portion of Long-term Borrowings + Debentures + Long-Term Borrowings 24% 18% 12% 7% 5% ’25 Q3 ’25 Q4 ’26 Q1 ’26 Q2 ’26 Q3 -4% -11% -21% -26% -32% ’25 Q3 ’25 Q4 ’26 Q1 ’26 Q2 ’26 Q3
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Slide 9 — Market Outlook
Set shipments expected to decrease due to cost burdens from rising memory prices and supply shortages Growing AI infra demand expected to more than offset this decline, driving continued growth in overall memory mkt. Market Outlook 9 Sustained mid-to long-term AI infra investment growth, driven by AI service commercialization and broadening investor base - Global CSP CapEx to grow 60%+ YoY, secured power capacity 100%+ in 2027* - Global AI DC infra mkt. to expand at 40% CAGR through 2030* Memory demand to exceed earlier expectations as AI takes on longer, more complex tasks, driving a surge in compute and data processing Enterprise·Personal AI to drive near-term growth, with Physical AI broadening scope of demand over mid-to long-term ’27 : +Mid-20% YoY DRAM Achievable Demand B/G ’27 : +High-Teen% YoY NAND Achievable Demand B/G Sustained memory mkt. growth driven by virtuous cycle of rising AI usage and expanding infra investment Demand expected to outpace supply through 2030, with supply growth constrained by leading-edge process complexity and fab construction lead times * Source: Market research firm estimates
Slide 10 — Q4 B/G : Mid-single% increase QoQ
10 Q4 B/G : Mid-single% increase QoQ (including Solidigm) NAND Q4 B/G : Mid-20% increase QoQ DRAM Expansion of 1cnm and M15X Ramp-up Increased sales of 321L based eSSD
Slide 11 — Rapidly increasing the portion of 1cnm SV products
Rapidly increasing the portion of 1cnm SV products Expand sales of 1cnm-based DDR5 and LPDDR5 SOCAMM for AI SVs to strengthen the portfolio centered on high-value-added SV products 11 Accelerating M15X ramp-up to reach full capacity by end-2026 In Q4, HBM4 expected to surpass HBM3E in HBM shipment & revenue shares 2027 HBM negotiations finalized; profitability gap with conv. DRAM expected to narrow meaningfully 321L portion to expand to over 50% of domestic capacity in Q4 Expand high-performance, high-density eSSD supply for KV cache tiering; while enhancing AI throughput and cost-efficiency through HBF and system optimization.
Slide 12 — LTAs signed with 14 key customers, including major global CSPs
12 LTAs signed with 14 key customers, including major global CSPs Standard 5-year term, with extensions under discussion with some customers Pricing within customer-agreed ranges, reflecting market conditions Safeguards to ensure contract fulfillment, including deposits Secured LTA volumes over 50% of total capacity for 2027 and 2028 CapEx for 2027 expected to increase significantly compared to 2026 Equipment investment for the advanced nodes mix and Y1 ramp-up, alongside accelerated infrastructure investment in Korea and overseas
Slide 13 — Additional Shareholder Returns
To continue each quarter, with scale to be determined by the BoD based on share price, mkt. conditions, and cash flow Acquisition for executive & employee compensation purposes not included in FY26 SH returns Additional Shareholder Returns 13 Use proceeds from both core business growth and realized gains from investment assets for SH returns Plans to return majority of realized gains on Kioxia investment through special div., paid in Q3 and FY2026 year-end Acquisition /Cancellation for SH Return Approx. DPS \20,000 : Earnings-based \10,000 + Special Div. \10,000 Q3 Dividend Payout * SH Return Policy(FY25-27) : Fixed DPS KRW 1,500 + Additional returns over 50% of 3 yr. cumulative FCF, upon achieving financial goals ** Dividend Record Date : ‘26.11.30, Payment Date : Within 1 month of dividend record date, as determined by BoD (Expected in Dec. ‘26.) *** The amount allocated for equity-based compensation for executive officers and employees purposes remains subject to change depending on the Company’s future determination of the size of such Total acquisition for the quarter : KRW 20T, incl. approx. KRW 10T for executive & employee compensation
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Slide 15 — Profitability
(Unit : KRW Billion) ’26 Q3 ’26 Q2 ’25 Q3 Q/Q Y/Y Revenue 104,615 79,319 24,449 +32% +328% Gross Profit 89,653 65,991 14,029 +36% +539% Operating Profit 83,334 60,543 11,383 +38% +632% EBITDA* 87,675 64,563 14,949 +36% +486% Net Profit 39,776 93,923 12,598 -58% +216% EPS (KRW) Basic 54,773 132,126 18,242 Diluted 54,454 131,478 17,850 Shares Outstanding (Mil. Shares) Basic 722 710 690 Diluted 722 712 712 ‘25 Q3 ‘25 Q4 ‘26 Q1 ‘26 Q2 ‘26 Q3 Gross Margin Operating Margin EBITDA Margin Net Profit Margin 15 Profitability Income Statement * EBITDA = Operating Profit + Depreciation & Amortization ※ All figures in this presentation are rounded to KRW Billions, leading to some statements not adding up completely 57% 69% 79% 83% 86% 47% 58% 72% 76% 80% 61% 69% 79% 81% 84% 52% 46% 77% 118% 38% +4%p -80%p +3%p +3%p
Slide 16 — Net Cash Flow
(Unit : KRW Billion) ’26 Q3 ’26 Q2 ’25 Q3 Beginning Cash Balance** 87,958 54,330 16,962 CF from Operating Activities 54,781 65,710 14,368 Net Profit 39,776 93,923 12,598 D&A* 4,335 4,030 3,560 Changes in Working Capital, etc. 10,670 (32,243) (1,789) CF from Investing Activities (42,892) (28,747) (5,154) Acquisition of PP&E (12,670) (10,671) (5,033) Change in LT Financial Investments (30,845) (22,064) (1) CF from Financing Activities 10,781 (4,666) 1,375 Change in Borrowings 882 (3,032) 1,757 Repayment of Lease Liability (136) (139) (145) Dividend Payout (272) (1,594) (259) Acquisition/Disposal of TS, etc. 10,308 14 22 Effect of F/X Rate Changes on Cash & Equivalents 3,831 1,332 303 Net Changes in Cash 26,502 33,628 10,892 Ending Cash Balance** 114,460 87,958 27,854 16 Net Cash Flow (Unit : KRW Billion) Statement of Cash Flows * Depreciation & Amortization, including depreciation for non-operating (idle) assets ** Cash & Cash Equivalents + Short-term Financial Instruments, leading to deviation from reported numbers ※ All figures in this presentation are rounded to KRW Billions, leading to some statements not adding up completely 39,776 3,881 26,502 10,781 10,670 42,892 4,335 Net Profit(Loss) Cash Inflow Cash Outflow Net Change Financing Activities F/X Effect, etc. Investing Activities Changes in Working Capital, etc. D&A
Slide 17 — Revenue by Application
DRAM NAND 21% 77% 78% 73% 27% 21% 17 Revenue by Application Revenue by Product (Unit : KRW Billion) * NAND Revenue by application is based on USD revenue including Solidigm * Revenue by product portion is based on KRW, Solidigm results consolidated ※ All figures above are rounded to KRW Billions, leading to some statements not adding up completely '25 Q3 '26 Q2 '26 Q3 Others NAND DRAM 20% 78% 73% 75% 79,319 24,449 24% 27% 0% 50% 100% '25 Q3 '26 Q2 '26 Q3 Mobile Consumer Graphics(incl. HBM) Server PC 0% 50% 100% ’25 Q3 ’26 Q2 ’26 Q3 USB, Card & Others Mobile SSD(incl. discrete NAND for SSDs)
Slide 18 — T H E E N D
T H E E N D
Slide 19 — [Attachment1] Statement of Financial Position
[Attachment1] Statement of Financial Position K-IFRS (KRW Billion) Q3'26 Q2'26 Q4'25 QoQ vs. Q4'25 Assets Current Assets 195,942 156,156 69,458 +39,786 +126,484 Cash & Cash Equivalents* 114,460 87,958 34,942 +26,502 +79,517 Accounts Receivables 59,116 47,821 18,199 +11,294 +40,917 Inventories 19,356 17,986 14,289 +1,370 +5,066 Non-Current Assets 195,858 192,706 106,650 +3,152 +89,209 Property, Plant & Equipment 97,211 88,889 77,503 +8,322 +19,708 Intangible Assets 4,274 4,283 4,049 -9 +225 Total Assets 391,800 348,862 176,108 +42,938 +215,692 Liabilities Interest-bearing Debts 15,800 18,587 22,248 -2,787 -6,448 S-T Borrowings 1,333 2,664 2,396 -1,331 -1,063 Current Portion of L-T Borrowings 3,222 3,194 5,766 +28 -2,544 Bonds 9,649 10,544 11,206 -895 -1,557 L-T Borrowings 1,595 2,184 2,880 -589 -1,285 Accounts Payables 2,734 3,043 2,848 -309 -115 Total Liabilities 82,712 86,169 55,441 -3,457 +27,272 Shareholders' Equity Capital Stock 3,747 3,658 3,658 +89 +89 Capital Surplus 51,341 11,876 8,954 +39,465 +42,387 Retained Earnings 281,507 242,270 106,577 +39,237 +174,930 Total Shareholders' Equity 309,088 262,693 120,667 +46,394 +188,421 * Short-term Financial Instruments and Short-term Investments included
Slide 20 — [Attachment2] Income Statement
[Attachment2] Income Statement K-IFRS (KRW Billion) Q3'26 Q2'26 Q3'25 QoQ YoY Revenue 104,615 79,319 24,449 +32% +328% Cost of Goods Sold 14,963 13,327 10,420 +12% +44% Gross Profit 89,653 65,991 14,029 +36% +539% SG&A Expenses 6,319 5,449 2,646 +16% +139% Operating Profit 83,334 60,543 11,383 +38% +632% Net Financial Profit/Loss 434 150 -103 Net F/X Transaction & Translation P/L -11,633 1,147 209 27 -20 -23 Others -21,452 60,889 3,324 EBITDA 87,675 64,563 14,949 +36% +486% Income Before Tax 50,708 122,708 14,790 -59% +243% Tax Expense/Benefit 10,933 28,786 2,193 -62% +399% Net Profit 39,776 93,923 12,598 -58% +216% Basic 54,773 132,126 18,242 Diluted 54,454 131,478 17,850 Basic 722 710 690 Diluted 722 712 712 EPS(KRW) Shares Outstanding (mn shares) Net Income(Expense) From Jointly Controlled Entities & Associates